Intesa Sanpaolo raised its voluntary takeover offer for Banca Monte dei Paschi di Siena (MPS) to €35 billion by adding €800 million in cash, while Italy's antitrust authority conducts an in-depth review of the transaction. The revised terms offer MPS shareholders €1.25 in cash and 1.6 newly issued Intesa shares for each share tendered. Delfin, MPS's largest shareholder, has committed its 17.6% stake to the bid and plans to oppose Chief Executive Luigi Lovaglio's proposed acquisitions of Banco BPM and Banca Generali. Intesa has agreed to sell 635 MPS branches, irrevocably identifying 445 of them while retaining flexibility over 190 locations; people close to the matter said further remedies could include up to 50 additional branch sales and affect the Generali stake Intesa would obtain through MPS. A decision from the antitrust authority is due between mid- and late November, a person close to the matter said.